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SKF India Ltd.

BSE: 500472 | NSE: SKFINDIA |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE640A01023 | SECTOR: Bearings

BSE Live

Oct 21, 15:05
3309.00 187.65 (6.01%)
Volume
AVERAGE VOLUME
5-Day
3,856
10-Day
4,522
30-Day
5,288
3,594
  • Prev. Close

    3121.35

  • Open Price

    3115.00

  • Bid Price (Qty.)

    3302.40 (60)

  • Offer Price (Qty.)

    3309.00 (97)

NSE Live

Oct 21, 15:05
3307.20 182.70 (5.85%)
Volume
AVERAGE VOLUME
5-Day
37,948
10-Day
49,392
30-Day
89,170
40,775
  • Prev. Close

    3124.50

  • Open Price

    3125.00

  • Bid Price (Qty.)

    3307.30 (16)

  • Offer Price (Qty.)

    3310.45 (8)

Annual Report

For Year :
2019 2018 2017 2016 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of SKF India Limited (the Company) as at 31st December, 2009, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to above, we report that: (a) we have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes of our audit; (b) in our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; (c) the Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account; (d) in our opinion, the Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; (e) on the basis of written representations received from the Directors of the Company as at 31st December, 2009 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as at 31st December, 2009 from being appointed as a Director under clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; and (f) in our opinion, and to the best of our information and according to the explanations given to us, the said financial statements, read with the notes thereon, give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st December, 2009; (ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT (Referred to in our report of even date) (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified in a phased manner over a period of three years. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. The discrepancies noticed on verification between the physical fixed assets and the book records were not material and were properly dealt in the books of account. (c) Fixed assets disposed of during the year were not substantial, and therefore, do not affect the going concern assumption. (ii) (a) The inventory, except goods-in-transit, has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. For stock lying with certain third parties at the year end, written confirmations have been obtained. (b) The procedures for the physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. (iii) The Company has neither granted nor taken any loans, secured or unsecured, to or from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. (iv) In our opinion and according to the information and explanations given to us, and having regard to the explanation that purchases of certain items of inventories and fixed assets are for the Companys specialised requirements and similarly certain goods sold are for the specialised requirements of the buyers and suitable alternative sources are not available to obtain comparable quotation, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and fixed assets and with regard to the sale of goods and services. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control system. (v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts and arrangements referred to in (a) above and exceeding the value of Rs 5 lakh with any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time, except for purchases of certain items of inventories, fixed assets and services which are for the Companys specialised requirements and similarly for sale of certain goods for the specialised requirements of the buyers and for which suitable alternative sources are not available to obtain comparable quotations. However, on the basis of information and explanations provided, the same appear reasonable. (vi) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 58A, Section 58AA or other relevant provisions of the Companies Act, 1956 and the rules framed thereunder/the directives issued by the Reserve Bank of India (as applicable) with regard to deposits accepted from the public. Accordingly, there have been no proceedings before the Company Law Board or National Company Law Tribunal (as applicable) or Reserve Bank of India or any Court or any other Tribunal in this matter and no order has been passed by any of the aforesaid authorities. (vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. (viii) We have broadly reviewed the books of account maintained by the Company pursuant to the rules prescribed by the Central Government for maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 in respect of manufacture of bearings, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records. (ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of Investor Education and Protection Fund. According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues were in arrears as at 31st December, 2009 for a period of more than six months from the date they became payable. There were no dues on account of cess under section 441A of the Companies Act, 1956 since the date from which the aforesaid section comes into force has not yet been notified by the Central Government. (b) According to the information and explanations given to us, the following dues of Income-Tax/Sales Tax/ Wealth Tax/Service Tax/Customs Duty/Excise Duty/ Cess (as appropriate) have not been deposited by the Company on account of disputes: Name of the Statute Nature of the Amount Dues (Rs Millions) Income Ta x Act, 1961 Income Tax 4.5 Jharkhand Sales Tax Sales Tax 23.7 Karnataka Sales Tax Act, 1957 Sales Tax 4.4 Karnataka Sales Ta x Act, 1957 Sales Tax 0.3 Karnataka Value Added Tax Act, 2003 Central Sales Tax 3.1 Tamil Nadu Value Added Tax Act Value Added Tax 1.2 Maharashtra Sales Tax Act, 1958 Sales Tax 1.1 Karnataka Value Added Tax Act, 2003 Central Sales Tax 1.2 Jharkand Sales Tax Act Sales Tax 6.3 Jharkand Sales Tax Act Sales Tax 7.0 Delhi Sales Ta x Act Sales Tax 1.3 West Bengal Sales Tax Act Sales Tax 2.4 Central Excise Act, 1944 Excise Duty 1.6 Central Excise Act, 1944 Excise Duty 2.6 Central Excise Act, 1944 Excise Duty 4.9 Finance Act, 1994 Service Tax 1.3 Karnataka Value Added Tax Act, 2003 VAT 1.4 Name of the Statue Period to Forum where dispute is which the pending amount relates Income Tax Act, 1961 A Y 2003 - 04 Commissioner of Income Tax (Appeal). Jharkhand Sales Tax 2003-04 Deputy Commissioner Karnataka Sales Tax Act, 1957 2002-03 High Court of Karnataka Karnataka Sales Tax Act, 1957 2003- 04 Karnataka Appellate Tribunal Karnataka Value Added Tax Act, 2003 2006-2007 Joint Commissioner of Commercial Taxes (Appeals) Tamil Nadu Value Added Tax Act 2005- 06 Commercial Tax officer Maharashtra Sales Tax Act, 1958 2002- 03 Maharashtra Sales Tax Tribunal Karnataka Value Added Tax Act, 2003 2005 - 2006 Joint Commissioner of Commercial Taxes (Appeals) Jharkand Sales Tax Act 2004-2005 Deputy Commissioner Jharkand Sales Tax Act 2005-2006 Deputy Commissioner Delhi Sales Tax Act 2005-2006 Objection Authority Department of Trade & Taxes, New Delhi West Bengal Sales Tax Act 2006-2007 Additional Commissioner of Commercial Tax Central Excise Act, 1944 1997-1998 Commissioner of Central Excise Central Excise Act, 1944 1999-2000 CESTAT Central Excise Act, 1944 1995 CESTAT Finance Act, 1994 1997-2000 CESTAT Karnataka Value Added Tax Act, 2003 2006-2007 Joint Commissioner of Commercial Taxes (Appeals) (x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year. (xi) The Company did not have any outstanding dues to any financial institution, banks or debenture holders during the year. (xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion and according to the information and explanations given to us, the Company is not a chit fund or a nidhi/ mutual benefit fund/ society. (xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. (xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. (xvi) The Company did not have any term loans outstanding during the year. (xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we are of the opinion that the funds raised on short-term basis have not been used for long-term investment. (xviii) The Company has not made any preferential allotment of shares to companies/firms/parties covered in the register maintained under Section 301 of the Companies Act, 1956. (xix) The Company did not have any outstanding debentures during the year. (xx) The Company has not raised any money by public issues. (xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit. For B S R & Associates Chartered Accountants Subramanian Vivek Partner Pune Membership No: 100322 19th February, 2010